Oslo, February 1 2007 -- Today, SuperOffice ASA announced an ownership position of 8,22% of the shares of update software AG, an Austrian company listed on the Deutsche Börse in Frankfurt (ISIN AT000747555, ticker code UP2).
With this position SuperOffice ASA has reason to believe that it is the largest shareholder of update software AG.
As Europe’s leading CRM software vendor, SuperOffice aims at growth and ways to improve its position internationally. In this context, SuperOffice wishes to take financial positions in companies which are considered to contribute with added value, a solid market position and profitable business to SuperOffice. update software AG is such a company. A limited shareholding position like this gives SuperOffice the opportunity of learning more about the company, before a potentially industrial and strategic engagement is decided.
As part of this strategy, SuperOffice is continuously analyzing the European software market, both in the direction of pure CRM software vendors and complementary software vendors in CRM related areas like document management, business intelligence, customer service and portal solutions.
- update software AG represents an interesting opportunity based on the following:
update and SuperOffice ASA are both best of breed CRM vendors with more than 10 years experience in the European CRM market.
- Both update and SuperOffice have a solid footprint in Europe, with matching market geographies.
- Both companies are listed and are financially solid. SuperOffice reached 2005 revenues of € 31,2 million and EBIT of € 6,7 million (21% margin). update reached 2005 revenues of € 18,6 million and EBIT of € 2,3 million (12% margin).
- The revenue mix of the companies is similar, with license and maintenance revenues accounting for approximately 70% of total operating revenues.
- The two companies have a complementary go to market strategy.
For questions, please contact:
Une Amundsen
Chairman of the Board
SuperOffice ASA
Phone: +47 909 10 000
Gisle Jentoft
CEO
SuperOffice ASA
Phone: +47 934 66 000